Calgary’s economy not out of the woods yet: Report - Metro US

Calgary’s economy not out of the woods yet: Report

Calgarians hoping for an improvement in the economy may see it get worse before it gets better, according to a report released yesterday.

The Calgary Economic Development’s semi-annual State of the Economy review painted a dismal picture of the current state of the city, chief economist Adam Legge said.

“I think things will have to get a bit worse before they get better and I don’t really think we will start to see any signs of recovery until well into 2010,” Legge said.

Legge said that while Calgary seems to be in the “middle of the pack” of cities across the country during the recession, the city is facing staggering changes, including the unemployment rate, which has risen to 6.6 per cent. Meanwhile, EI claims have dramatically increased 187 per cent as of March.

“It has felt like a very long fall back to Earth,”?Legge said.

Ward 12 Ald. Ric McIver said the report just highlights the need for city council to tighten their belts when it comes to spending taxpayer’s money.

“I think we need to be better and I will be lobbying my colleagues for more responsible business practices in the future,” McIver said.

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